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For employees who have at least ton (10) years of service with the City <br />prior to October 1, 2010, the maximum sick leave cash -out after ten (10) <br />Years of service shall be equal to one thud (1/3) of accrued sick leave up <br />to a maximum of four hundred twenty -seven (427) hours. <br />For amployces who had less than ten (IQ) years of servico with the City as <br />of September 30, 2010, the maximum sick leave cash-out after ten (10) <br />,years of service shall be equal to three hundred twenty five (325) hours, <br />A lump sum payment shall be made to the beneficiaries of any eligible <br />employes whose death occurs while such employee is an active employee <br />of the City, Such payment shall be in the amount as described above and <br />at the rate of pay effeotive on the date of death. . <br />2. An employee may elect to convert any lump sum payment provided in this <br />section into health insurance promiuns, to the extent necessary to provide <br />the employee and his or her designated eligible dependents, if any, with <br />benefits under the health insuuance program maintained by the City. The <br />City's obligation to pay such premium shall terminate upon the happening <br />of any of the following events: <br />a. Premiums have been paid on behalf of the former employee until <br />all monies are exhausted; or <br />b, The sum of premiums paid equals ono hundred fifty percent <br />(150°/x) of the amount of the liimp sum payment that the employee <br />would have received for uunused sick leave benefits had this option <br />not been elected. <br />c. Except in cases of disability retirement, upon non - disciplinary <br />tornlination of employment after fifteen (15) years of cumulative <br />full -tune) service with the City, each qualified employee shall be <br />entitled to payment for two- thirds (2/3) of the total sick leava <br />benefit credited, to his or her account upon the effective date of <br />such term {nation to be applied toward health insurance premiums <br />only as speoified in Section K (2) above excluding Subsections a <br />and b. <br />cl. Ernptoycos covered by this .MOU may apply any payments for <br />unused sick leave as described above) to a Retirement Health <br />Savings Account (RIBS) as described in Article 11,6, <br />e. Employees that retire after ratification of this MOU but prior to the <br />RHS Plan being established will have the option to have any <br />payments as described above for unused sick leave directed into <br />their individual RFIS account once established. <br />45 <br />25A -49 <br />